Which of the following is not a condition for perfect competition?
(A) Many buyers and sellers participate in the market.
(B) Sellers are able to enter and exit the market freely.
(C) Sellers offer a wide variety of products.
(D) Buyers and sellers are well informed about products.
Ans: (C) Sellers offer a wide variety of products.
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East Northland has forgiven the debt it was owed by South Westland. This would be reflected in the ________ account.
A. current B. financial C. reserve D. capital
When consumers or producers do not bear the full cost of their economic decisions, they tend to produce or consume more than they otherwise would
a. True b. False Indicate whether the statement is true or false
According to Keynes, lengthy recessions can occur because
A. nominal wages fall rapidly when there is a decrease in aggregate demand, which leaves workers with less income to spend. B. the stock market tends to overreact to economic forecasts. C. there is significant downward rigidity in prices and wages. D. None of the choices are correct.
Briefly explain the national defense argument for the use of import barriers on goods that would be important in the case of a military emergency.
What will be an ideal response?